|Traded as|| NYSE: VNO |
S&P 500 Index component
|Industry||Real estate investment trust|
| Steven Roth (Chairman & CEO)|
Michael J. Franco (CIO)
Joseph Macnow (CFO)
Number of employees
Vornado Realty Trust is a real estate investment trust formed in Maryland, with its primary office in New York City. The company invests in office buildings and street retail in Manhattan.
A real estate investment trust (REIT) is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of commercial real estate, ranging from office and apartment buildings to warehouses, hospitals, shopping centers, hotels and timberlands. Some REITs engage in financing real estate.
Maryland is a state in the Mid-Atlantic region of the United States, bordering Virginia, West Virginia, and the District of Columbia to its south and west; Pennsylvania to its north; and Delaware to its east. The state's largest city is Baltimore, and its capital is Annapolis. Among its occasional nicknames are Old Line State, the Free State, and the Chesapeake Bay State. It is named after the English queen Henrietta Maria, known in England as Queen Mary.
The City of New York, usually called either New York City (NYC) or simply New York (NY), is the most populous city in the United States. With an estimated 2018 population of 8,398,748 distributed over a land area of about 302.6 square miles (784 km2), New York is also the most densely populated major city in the United States. Located at the southern tip of the state of New York, the city is the center of the New York metropolitan area, the largest metropolitan area in the world by urban landmass and one of the world's most populous megacities, with an estimated 19,979,477 people in its 2018 Metropolitan Statistical Area and 22,679,948 residents in its Combined Statistical Area. A global power city, New York City has been described as the cultural, financial, and media capital of the world, and exerts a significant impact upon commerce, entertainment, research, technology, education, politics, tourism, art, fashion, and sports. The city's fast pace has inspired the term New York minute. Home to the headquarters of the United Nations, New York is an important center for international diplomacy.
Notable properties wholly owned by the company include the following:
The New York Marriott Marquis is a Marriott hotel designed by architect John Portman. Opened in 1985, it is located on Times Square at 1535 Broadway at the corner of 45th Street.
1540 Broadway is a 44-story, 733 foot office tower at West 45th Street in Times Square in Manhattan, New York City. The building was the North American headquarters of media conglomerate Bertelsmann from 1992 until the company vacated and sold the property, of which they occupied all office-use floors, in 2004. The building housed US satellites of central functions such as Corporate Development, Corporate Communications and the Office of the Chairman and CEO, as well as serving as worldwide headquarters for the Bertelsmann Music Group and Bertelsmann Book Group. Current office tenants include Viacom, China Central Television, KEMP Technologies, Adobe Systems and Pillsbury Winthrop Shaw Pittman. Retail tenants are Planet Hollywood, MAC Cosmetics, Disney Store, and Forever 21.
666 Fifth Avenue is a 41-story office building on Fifth Avenue between 52nd and 53rd Streets in Midtown Manhattan, New York City. The office tower was designed by Carson & Lundin and built in 1957 by Tishman Realty and Construction. Tishman sold the building when the corporation dissolved in 1976. 666 Fifth Avenue was bought by Sumitomo Realty & Development in the late 1990s, and Tishman Speyer bought it back in 2000, adding tenants before selling it yet again to Kushner Properties in 2007. In August 2018, Brookfield Properties purchased the building.
The company also owns:
555 California Street, formerly Bank of America Center, is a 52-story 779 ft (237 m) skyscraper in San Francisco, California. It is the fourth tallest building in the city, the largest by floor area, and a focal point of the Financial District.
Donald John Trump is the 45th and current president of the United States. Before entering politics, he was a businessman and television personality.
The Merchandise Mart is a commercial building located in downtown Chicago, Illinois. When it was opened in 1930, it was the largest building in the world, with 4,000,000 square feet (372,000 m2) of floor space. The art deco structure is located at the junction of the Chicago River's branches. The building is a leading retailing and wholesale destination, hosting 20,000 visitors and tenants per day as of the late 2000s.
The origins of the company can be traced back to the Two Guys discount store chain, founded in 1947 by brothers Sidney and Herbert Hubschman.In 1959, Two Guys acquired O. A. Sutton Corporation, manufacturers of the Vornado line of electric fans, and the company was renamed Vornado Inc.
Two Guys From Harrison was a discount store chain founded in 1946 by brothers Sidney and Herbert Hubschman in Harrison, New Jersey, originally selling major appliances such as televisions. The chain acquired the manufacturers of the Vornado appliance brand in 1959, and spread beyond the New York City metropolitan area to more than 100 locations in upstate New York, eastern Pennsylvania, New Jersey, Connecticut, Massachusetts, Maryland, Virginia, and as far as Illinois and California. The company's financial success started to decline in the late 1970s, and it was defunct by 1982.
Vornado is a US firm based in Andover, Kansas, that designs and manufactures household fans and other small appliances related to air circulation. The current incarnation of the company was founded in 1989, two years after the death of Ralph K. Odor (1895-1987), who founded the firm in the 1930s with Ottis A. Sutton in Wichita, Kansas. In fact, the name of the company is a portmanteau of "Vortex" and "Tornado".
By 1964, the company operated over 200 stores.In the 1970s, Vornado began divesting its retail operations. In 1978, the company sold 80 Two Guys locations in California.
In 1980, Interstate Properties Inc., a real estate development company controlled by Steven Roth, acquired an 18% stake in Vornado, since Roth became interested in the company's real estate holdings.In 1981, Interstate Properties took control of the firm after winning a proxy struggle against existing management and closed additional stores, reducing the number of stores in operation to 12.
In 1986, Interstate Properties and Donald Trump each bought approximately 20% of Alexander's, a failing retailer whose real estate holdings included a store that occupied the entire block between East 58th and 59th streets and Lexington and Third Avenues in Manhattan.
In 1988, they each raised their stakes to 27% of the company, but Trump pledged his interest as collateral for a personal loan from Citicorp and in 1991, Trump was forced to turn over his holdings to Citibank.
In 1992, Roth and Alexander's creditors forced Alexander's into bankruptcy.
Alexander's emerged from bankruptcy in 1993 as a real estate investment trust. That same year, Vornado Inc. was converted into a REIT, Vornado Realty Trust. In 1995, Vornado bought Citicorp's interest in Alexander's.
In 1989, the Vornado name was licensed to Vornado Air, LLC, a new company formed to manufacture heating and cooling equipment. Outside of the brand licensing agreement, the Trust has no modern relation to Vornado Air, LLC.
In April 1997, the company acquired a company owned by Bernard H. Mendik in a $654 million stock transaction that added a large portfolio of office buildings in Manhattan to Vornado's assets. Mendik became co-chairman of Vornado until his resignation in October 1998.
On February 15, 2001, the Port Authority announced that Vornado Realty Trust had won the bid for a 99-year lease for the World Trade Center, offering $3.25 billion.Silverstein Properties was outbid by $30 million by Vornado. However, Vornado balked over lease terms and possible tax liabilities. Silverstein signed a lease for the World Trade Center in April 2001, 5 months before the September 11 attacks.
In 2001, the company acquired Charles E. Smith Commercial Realty, owner of a portfolio of assets primarily in Arlington, Virginia, in a $1.58 billion transaction. Robert H. Smith and Robert P. Kogod were added to the board of directors of Vornado.
In 2005, the company bought a 32.5% interest in Toys "R" Us.Toys "R" Us filed bankruptcy in 2018 and the investment was written off.
In 2013, Steven Roth replaced Michael D. Fascitelli as CEO of Vornado. Fascitelli had been CEO since 2009.
In 2015, the company spun off its interest in Urban Edge Properties to its shareholders.
In 2017, the company merged its Charles E. Smith Companies subsidiary into the JBG Companies, forming JBG Smith.
Alexander's is a real estate investment trust that owns 7 properties in New York metropolitan area, including 731 Lexington Avenue, the headquarters of Bloomberg L.P. It is controlled by Vornado Realty Trust.
Pennsylvania Real Estate Investment Trust is a publicly traded real estate investment trust that invests in shopping centers in the Mid-Atlantic states.
Oakdale Mall is an enclosed super-regional shopping mall in Johnson City, New York, United States, serving the Binghamton metropolitan area. The mall has a gross leasable area of 963,475 square feet (89,509.8 m2). The Oakdale Mall is managed by Vornado Realty Trust.
731 Lexington Avenue is a 1,345,489 sq ft (125,000.0 m2) glass skyscraper on Lexington Avenue, on the East Side of Midtown Manhattan, New York City. Opened in 2004, it houses the headquarters of Bloomberg L.P. and as a result, is sometimes referred to informally as Bloomberg Tower. The building also houses retail outlets, restaurants and 105 luxury condominiums. The residence section of the building is known as One Beacon Court and is served by a separate entrance.
Green Acres Mall is an indoor shopping mall located in Valley Stream, New York, off Sunrise Highway in Nassau County right off the border of New York City and the Incorporated Village of Valley Stream. The mall has a gross leasable area (GLA) of 1,800,000 square feet (170,000 m2). The mall is the 26th largest in the United States. The mall is extremely popular in Nassau County and in the neighboring New York City borough of Queens. The mall is accessible by many Nassau Inter-County Express routes as well as two MTA New York City Bus routes, the Q5, Q85, that cross the city border. The mall's anchors are JCPenney, Kohl's, and two Macy's locations.
Brandywine Realty Trust is one of the largest, publicly traded, full-service, integrated real estate companies in the United States with a core focus in the Philadelphia, Washington, D.C., and Austin markets. Organized as a real estate investment trust (REIT), they own, develop, lease and manage an urban, town center and transit-oriented portfolio.
Kings Plaza Shopping Center is a shopping center within the Marine Park/Mill Basin section of Brooklyn, New York City, near the Flatlands and Bergen Beach neighborhoods. Opened in September 1970, it is located at the southeast corner of Flatbush Avenue and Avenue U, just north of Floyd Bennett Field. The mall's anchor tenants include Best Buy, Burlington, JCPenney, Lowe's, Macy's, Primark, and Zara.
888 7th Avenue is a 628 ft (191m) tall modern-style office skyscraper in Midtown Manhattan which was completed in 1969 and has 46 floors. Emery Roth & Sons designed the building, which is tied with Central Park Place for the 110th tallest building in New York. It currently carries the Vornado Realty Trust corporate headquarters. Previously known as the Arlen Building, its namesake being the company responsible for its construction, Arlen Realty & Development Corporation. The Red Eye Grill is located in the building at street level.
Stephen Barry Siegel is the Chairman of Global Brokerage at CBRE, the world's largest commercial real estate services company.
Michael D. Fascitelli is an American businessman. He is a member of the Vornado Realty Trust board of trustees and former CEO and president of the company before stepping down from day-to-day responsibilities on February 26, 2013. He is a co-owner of the Milwaukee Bucks, and in 2017 founded a $500 million SPAC, Landscape Acquisitions, with Noam Gottesman where they both serve as co-chairman. Since stepping back from day-to-day responsibilities at Vornado, Fascitelli has formed MDF Capital, a family-office investment firm, Landscape Acquisitions, a hospitality and real estate focused SPAC, and Imperial Companies, a real estate investment firm. He also serves as the Head of the Investment Committee and on the board for the real estate technology startup, Cadre, in which he was an angel investor. The company was founded by Jared and Josh Kushner, along with CEO Ryan Williams and has been backed by George Soros, Jack Ma, Peter Thiel and other high-profile investors.
Rego Center is a shopping mall bordered by Long Island Expressway, Junction Boulevard, Queens Boulevard, 63rd Drive, and 99th Street in Rego Park, Queens, New York. The mall was built on the grounds of the former "Fairyland" amusement park.
Arlen Realty & Development Corporation, also known as Arlen, was an American REIT founded in 1959 by Arthur G. Cohen and Arthur N. Levien. It is notable as one of the largest publicly traded REIT's in the 1970s. Arlen began by developing suburban shopping centers throughout the country, and in 1971 purchased national discount retail chain E.J. Korvette. By 1975 Arlen owned and managed over 42 million square feet of shopping centers, and controlled over $1.7 billion of US real estate assets.
The Manufacturers Trust Company Building, now known as 510 Fifth Avenue, is a historic building located at the southwest corner of West 43rd Street and Fifth Avenue in the New York City borough of Manhattan.
Steven Roth is a real estate investor, the founder and chairman of Vornado Realty Trust, the largest commercial landlord in New York City. He is also co-founder and managing general partner of Interstate Properties, and chairman and chief executive officer of Alexander's.
JBG SMITH Properties is a publicly traded real estate investment trust based in Chevy Chase, Maryland.
Bernard Hyman Mendik was an American real estate developer, founder of the Mendik Company, and chairman of the Real Estate Board of New York.
Cadre is a New York-based technology company that provides individuals and institutions direct access to large commercial real-estate properties. The business and financial press describe it as a service that "makes the real estate market more like the stock market" by allowing investors to select the individual transactions in which they participate, while investing a smaller amount than would be required to fully fund a transaction. For example, 12 institutional investors participated in a $60 million office building purchase. The firm has more than $1 billion under management, and was named to Forbes' "FinTech50" starting in 2016. In 2019, Cadre was the cover story of the Forbes "FinTech 50" issue. In 2018, a partnership with Goldman Sachs was announced through which Goldman Sachs' private wealth clients committed at least $250 million (USD) real estate investments through Cadre. The company also offers a managed portfolio service and a real estate secondary market.
First Capital Realty is a Canadian public real estate company, specializing in retail real estate, and based in Toronto, Ontario. It is one of the largest retail landlords in Canada.